Clearview Capital wraps up fourth fund at $550 mln, also raises $108 mln for debut mezzanine fund


Clearview Capital has closed its fourth fund at $550 million. Also, Clearview has raised $108 million for its initial mezzanine fund. Clearview’s investor base includes Adams Street Partners, AlpInvest Partners, Bregal Partners, Crane Investment Company, Dartmouth College, Grove Street Advisors, LGT Capital Partners, Northwestern University, RCP Advisors, The State of Wisconsin Investment Board and The William and Flora Hewlett Foundation. Lazard Frères & Co. LLC advised the funds while Kirkland & Ellis LLP provided legal counsel.

PRESS RELEASE

Stamford, CT, July 17, 2018 — Clearview Capital today announced the first and final closings of $550 million Clearview Capital Fund IV (“Fund IV” or the “Equity Fund”) and $108 million Clearview Capital Mezzanine Fund I (“Mezzanine Fund I”), which were completed on June 29, 2018. Fund IV closed at its self-imposed hard cap and the Mezzanine Fund I was completed above its target.
Fund IV enjoyed overwhelming support from existing investors with total demand well in excess of the hard cap. Additionally, strong interest from more than 100 new institutional investors allowed the firm to diversify its LP base by adding five exceptional investors to the existing group of limited partners. Mezzanine Fund I also garnered support from a majority of existing and new investors. As in prior funds, Clearview Capital’s partners made substantial capital commitments to both funds.

Clearview Capital’s investor base now includes endowments, foundations, pension funds, family offices, funds of funds and high net worth investors, including many current and former portfolio company managers. Notable institutional investors that permit the disclosure of their names include Adams Street Partners, AlpInvest Partners, Bregal Partners, Crane Investment Company, Dartmouth College, Grove Street Advisors, LGT Capital Partners, Northwestern University, RCP Advisors, The State of Wisconsin Investment Board, and The William and Flora Hewlett Foundation.

“We are enormously proud of our loyal group of limited partners who have been such strong supporters over the years and during this most recent fund raise,” said James G. Andersen, Co-founder and Managing Partner of Clearview Capital. “By adding five new institutional investors from a deep pool of interest we now have a diversified investor base to work with for years to come.”

“For the past nineteen years we have remained committed to the lower middle market and intend to continue to pursue the strategy that has served us well since our inception,” said Calvin A. Neider, Co-founder and Managing Partner of Clearview Capital. “By limiting the total Equity Fund size to $550 million while adding a pool of mezzanine capital to support our equity strategy, we will have the financial wherewithal to acquire growth businesses that we can support as we seek to at least double them in size, organically and by acquisition.”

Lazard Frères & Co. LLC advised the funds and Kirkland & Ellis LLP provided legal counsel.
Since Clearview Capital’s founding in 1999, the firm has completed transactions worth in excess of $3.7 billion while establishing itself as a pioneer in the lower middle market.

Clearview Capital seeks to invest $15-75 million per transaction in companies in the business services, healthcare services, manufacturing and specialized distribution sectors that have $3-15+ million of EBITDA.